Automation & Technology
Innovation Award Winner: Googain leads the eClose revolution with cutting edge tech
Company overview: Googain, Inc. is a premier lender in the San Francisco Bay Area, where they've been doing business for over 20 years. Their investment in eClose and the borrower experience has made the last few years record years.
"eClose was a pleasant surprise”
In the early days of eClose, Shawn Song, President of Googain, Inc, recognized that this technology would completely change mortgage lending. The Googain team jumped into eClose with both feet, and the results have been astounding. Googain boasts a 70% eClose rate, and that number is climbing.
On the borrower side, eClose is helping Googian to meet customers wherever they are to give them the digital experience they’re expecting. This makes Googain a stand-out choice in a competitive market. Googain has already experienced the freeing ability to close a loan in significantly less time, which benefits both lenders and borrowers.
“eClosing was a really pleasant surprise. I was so surprised by the first eNote we delivered to Fannie Mae, and it got certified right away – instantly when we transfer a loan to them. The loan was purchased the next day. That was a good experience.” Shawn Song, President, Googain, Inc.
“All the tech we can get”
Googain’s success with eClose, and as a lender as a whole, is based on a simple strategy: stay open to new technology and keep trying new things. Shawn attributes the progress they’ve made, especially in the past few years, to automation. Eliminating mundane, repetitive tasks throughout the loan manufacturing process has allowed their staff to focus on more important things. The result has been a vast improvement in efficiency and loan quality.
For Googain, the key to successfully onboarding new technology and processes has been leveraging their partnership with ICE Mortgage Technology®. Encompass® has provided a solid foundation to work from, with the flexibility to allow Googain to implement custom solutions. From underwriting tools to compliance management, automating the loan manufacturing process within Encompass has been the fuel behind the innovative strides they’ve been making.
As Googain looks to the future, Shawn says that the most exciting tech advancements are yet to come. They’re eagerly expanding their eClose capabilities with remote online notary (RON) and in-person electronic notarization (IPEN), and pushing operations into new territory as more states adopt eMortgage. They're prepared for the time, which Shawn expects to be in the very near future, when the loan manufacturing process will look very different.
“Within 2 years, a lot of things will be automatic. Then, the borrower will go online to apply, and very soon, the loan will close. That’s what I see. Our next step is to really use the technology from Encompass to improve the borrower portal and extend manufacturing automation. You guys have all the technology we can get. We just have to take all of that technology and put it to use.” -Shawn Song
"Borrowers are so grateful”
Being an early adopter of eClose has changed the way Googain does business in every way, and the results have improved operations across the board. Shawn categorized their results into three main benefits:
- Borrower satisfaction: Customers are happy with a smooth process and accurate signing. Implementing eClose and automation throughout the process has resulted in zero errors, so everything is done right the first time.
- Reduced staff frustration: The lending team at Googain benefits from an error-free process. Gone are the days of calling customers with bad news and having to redo work. The increased efficiency has been a big stress relief.
- Cost savings: eClose has brought a substantial financial benefit to Googain as well. Loans can be purchased much faster by investors when eClose is used. Googain has experienced Fannie Mae and Freddie Mac purchasing loans within two or three days when eNotes are sent. That time savings keeps the pipeline flowing.
Shawn is emphatic that the top benefit Googain has seen from adopting eClose is the improved customer experience. Providing borrowers with all the tools they need to get their questions answered quickly, receive responsive status updates, and have a stress-free closing is what sets Googain apart from the competition.
“At the very end, it’s really, the customer experiences that count. We work very hard to bring the loan to the closing point, but if the borrower is not happy, we are not successful. The borrowers are so grateful we can provide this tool for them to close.” -Shawn Song